Problem 3-2: Ordinary & prefrence shares Bing Chiling Corporation was organized on January 1, 2021. It is authorized to

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Problem 3 2 Ordinary Prefrence Shares Bing Chiling Corporation Was Organized On January 1 2021 It Is Authorized To 1 (299.17 KiB) Viewed 47 times

Problem 3-2: Ordinary & prefrence shares Bing Chiling Corporation was organized on January 1, 2021. It is authorized to issue 100,000, 10%, $100 par value preference shares, and 600,000 no-par ordinary shares with a stated value of $7 per share. The following share transactions were completed during the first year. Jan 10 Mar 15 Apr 14 May 20 Aug 17 Issued 100,000 ordinary shares for cash at $10 per share Issued 22,300 preference shares for cash at $115 per share Issued 9,500 ordinary shares for land. The asking price of land was $88,000. The company's estimate of fair value of the land was $85,000 Issued 12,000 ordinary shares for cash at $4 per share Issued 3,000 ordinary shares to attorneys in payment of their bill for $35,000 for services provided in helping the company organize Issued 650 ordinary shares for cash at $9 per share Issued 2,550 preference shares for cash at $140 per share Sept 21 Nov 29 Instruction Journalize the transactions